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Rep. Lisa McClain, Chairwoman

Press Releases

Key Inflation Index Hits 30 Year High; As Dems Push $5.5 Trillion More In Government Spending

Washington, DC, October 1, 2021

According to the Commerce Department, the personal consumption expenditures price index (PCE), a key inflation gauge, hit a 30-year high in August.

This report comes at a time when President Biden and House Democrats are pushing a $5.5 TRILLION package, which would only cause inflation to continue to skyrocket.

BIDEN'S ECONOMIC CRISIS BY THE NUMBERS: 

  • The PCE price index was up 4.3% over the 12 months ending in August.
  • This is the highest consumer spending inflation level since 1991.
  • Americans' real income is falling as inflation rises.
  • According to the PCE price index in August.
    • Energy prices are UP 24.9%
    • Goods prices are UP 5.5%
    • Services prices are UP 3.6%
    • Food prices are UP 2.8%
  • A recent survey found that inflation is now retirees' top concern.
  • This report follows the August jobs report, which fell well short of economists' expectations adding only 235,000 jobs in the month.
  • CNN called the August report a "big disappointment" while CNBC said it was "terrible news" for the American economy.

It's simple: Inflation is a tax every American pays it has increased every month of Joe Biden's presidency.

Instead of addressing a root cause of inflation (out-of-control government spending), Biden and House Democrats are ramming through the largest spending package in our nation's history, which will only add fuel to America's skyrocketing inflation.